Question: I need help with solution for: Problem AII-3A Special journals, subledgersperpetual LO4 Newton Company completed these transactions during April 2020. The terms of all credit
I need help with solution for: Problem AII-3A Special journals, subledgersperpetual LO4 Newton Company completed these transactions during April 2020. The terms of all credit sales are 2/10, n/30. Apr. 2 Purchased merchandise on credit from Baskin Company, invoice dated April 2, terms 2/10, n/60, $12,800. 3 Sold merchandise on credit to Linda Hobart, invoice #760, $3,200. Cost, $1,900. 3 Purchased office supplies on credit from Eau Claire Inc., $1,340. Invoice dated April 2, terms n/10 EOM. 4 Issued cheque #587 to The Record for advertising expense, $1,020. 5 Sold merchandise on credit to Paul Abrams, invoice #761, $9,400. Cost, $5,600. 6 Received an $85 credit memo from Eau Claire Inc. for office supplies received on April 3 and returned for credit. 9 Purchased store equipment on credit from Franks Supply, invoice dated April 9, terms n/10 EOM, $10,500. 11 Sold merchandise on credit to Kelly Schaefer, invoice #762, $10,000. Cost, $6,000. 12 Issued cheque #588 to Baskin Company in payment of its April 2 invoice. 13 Received payment from Linda Hobart for the April 3 sale. 13 Sold merchandise on credit to Linda Hobart, invoice #763, $5,200. Cost, $3,100. 14 Received payment from Paul Abrams for the April 5 sale. 16 Issued cheque #589, payable to Payroll, in payment of the sales salaries for the first half of the month, $9,500. For simplicity, we assume one cheque. 16 Cash sales for the first half of the month were $54,000. Cost, $32,400. Cash sales are usually recorded daily from the cash register readings. However, they are recorded only once in this problem to reduce the repetitive transactions. Appendix II Accounting Information Systems AP-39 Required 1. Set up accounts receivable subledger accounts for Paul Abrams, Linda Hobart, and Kelly Schaefer. 2. Set up accounts payable subledger accounts for Franks Supply, Baskin Company, Sprocket Company, and Eau Claire Inc. 3. Journalize the transactions of Newton Company into the appropriate special journal, posting to the subledgers where required. Use page 3 for all journals. Fundamental accounting principles 16th edition pages AP 38 and AP 39.
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